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CAI to launch an unbiased cotton price indicator
04
Sep '08
Cotton Association of India (CAI) has plans to introduce a Cotton Price Index on line of ICE Futures in the US and Cotlook in the UK. This grand venture would be the first of its kind in the country and is likely to be of immense help to the textile industry.

Preparation of the proposed price index is still in the primary stages and would come into operation within a few months together with the two new cotton contracts of CAI that are being readied for approval by the FMC.

In the meanwhile a committee of the CAI chaired by Mr Deena Mehta, former head of the Bombay Stock Exchange, is working on the quick launching the delivery-based futures contracts.

Sources from CAI informed Fibre2fashion that as of now, it has plans to initiate a mock trading of contracts, probably by the end of September, to see the level of participation of the traders. Gujarat Sankar-6 and Punjab J34 are two varieties to be traded in the new contracts since they are widely traded and exported. They would be replacing the two defunct cotton contracts of CAI.

The source also asserted that the primary objective of the association is to set up an independent and unbiased indicator of cotton prices in India.

Fibre2fashion News Desk - India

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